Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1887-04-09

sinking fund of said new bonds; and in
any suits which may hereafter be insti-
tuted to enforce the payment of said new
bonds or coupons against any such city
or town, no defense either in law or
equity shall be admitted in any of the
courts of this state except such as Origi-
mated upon or subsequent to the issuance
of such new bonds.
Sec. s. Whenever collector of taxes
shall neglect or refuse to collect the tax
es levied for the payment of the interest
and sinking fund of such new bonds, he
shall be liable on his official bond, at the
suit of any person holding any of said
bonds or coupons, for all such damages
as said person or persons shall have sus-
tanned by reason of his neglect or refusal;
nor shall such collector or his sureties be
relieved OF such liability by his resigna-
ton of the office; and whenever any per-
son who may be elected collector of taxes
Of any city or town shall fail, neglect
or refuse to, give the bond required
by law for the collection of said tax, or
whenever the mayor and board of alder
men shall appoint any person who shall
fail, neglect or refuse to give said bond,
or whenever they shall fail, neglect or re-
fuse to appoint some person who will
give said bond and collect said tax, then
it is hereby made the duty of the gov
ernOr to appoint some suitable person to
collect said taxes, who shall perform all
the duties required by this act or any
other laws of this state relating to the
collection of said taxes, from the term of
his said appointment until the next gen
eral election.
Sec. 8. That whenever a compromise
of the debt of any city or town shall be
effected as hereinbefore provided, and the
bonds are delivered to the creditors,
board of liquidation, consisting of five
reputable citizens of such city or town,
shall be appointed forthwith in the man
ner following: The Mayor of the city or
town shall appoint one, the Governor of
the state shall appoint one, and the Dis
trict Judge of the district in which such
shall appoint one, the City Coun-
appoint one, and the holders of said in
appoint one, and each shall fill vacancies
in the office of their respective appointees
ia sail board; and in case of failure,
neglect or refusal. of any one or all of
said officers to appoint a member
of said board, or to fill vacancies
therein, then the holders of SAID
bonds, or any one or more of them, shall
have the right to apply to the District
court of the dis .rict in which such city or
town shall be situated, or to the judge
thereof in vacation, for the appointment
OF a member or members of said board
necessary to complete the same, and 1t
shall be the duty of said court or Judge to
make said appointment. The members of
said board shall serve without cOmpensa-
ton, and shall hold their offices for the
term of four years and until their success
sOrs are appointed and qualified. Each
member of said board shall take an oath
to faithfully perform the duties of his
office. A majority of the board shall
constitute quorum for the transaction
of business. Said board, or q majority
thereof, shall select some solvent deposit
DRY for all moneys coming under their
control, as hereinafter provided, and
for whose acts they shall be responsible,
and shall, in writing signed by them, no.
tify the collector of taxes of said city or
town of said selection. 1t shall thereupOn
become the duty of such collector to de-
post at the close of business each day
One-half of all moneys collected by him
for the tWenty-fOur hours next preceding
on account of all the taxes of whatever
nature levied by said city or town with
the said depository, whose receipt there
for shall be an acquittance to said COllec-
tor; and said collectors shall be liable on
their official bonds for any failure to
promptly make such deposits, and for ten
per cent. per month of such amounts and
| in addition thereto as penalty, which
sums may be recovered by said board Of
! liquidation in suit therefor, and it shall
| be their duty to promptly institute such
suits. But whenever the total of said de
posts shall equal the annual interest on
the said bonds it shall be lawful for such
| collector to discontinue said deposits until
be shall be notified in writing by said
board that said deposits are reduced be-
| low that sum. Said funds of cities or
towns shall be subject to the order of
said boards of liquidation, and shall be
| applied by them to the payment, first, of
the interest on said bonds as the same
natures, and, secondly, to the payment
of the principal thereof. The members
of said board shall be liable for the
prompt payment of said interest out of
| said funds, and in case of failure or re-
| fusal they shall in addition be liable to 10
per cent. of the amount of such interest
as damages, to be recovered by any per-
son aggrieVed thereby, in any court of
competent jurisdiction. Whenever
there shall be in the hands
of such depositaries a sufficient sum
to pay per cent. of the principal of said
bonds in addition to one and One-hslf
years. interest, it shall be the duty of
said board of liquidation to use the same
in the purchase of outstanding bonds as
provided IN section of this act, which
bonds when SO purchased shall be can
celled, and shall, together with all cou
pons which have been paid, be returned
to the council of the city or town. Elk
penses incurred by said board in adver-
Using for purchase of bonds shall be paid
out OF said funds. Said boards shall
make semi-annusl report to the said coun-
ellis of their acts and of all receipts and
disbursements of moneys coming under
their control.
Sec. 10. That any city or town so situa-
ted as is herein set forth, which fails to
accomplish compromise of its debts, or
pending the negotiation of q compromise,
shall be permitted, on its application set
ting forth its financial condition and in
solvency, to have the district court of the
county in which said city or town is sit
uated to take charge of the collection and